Manila, Philippines – Nubank, a digital financial services firm, has recently announced that it has committed a total of US$150m investment in Tyme Group, serving as the lead investor of the Series D funding round.
Following the initiative, the total investment now amounts to US$250m, with M&G Catalyst Fund subscribing for US$50m and existing shareholders with further US$50m. This move enables Nubank to become a minority shareholder in Tyme Group.
Through this recent investment round, Tyme Group has also attained unicorn status, bringing its post-money valuation to US$1.5 billion.
Tyme Group operates under a hybrid model that combines a customer-centric digital platform with physical experiences, delivered in partnership with nationwide retailers through digital kiosks and bank ambassadors.
The bank caters to emerging market populations and is currently present in South Africa and the Philippines. Its global headquarters is based in Singapore, and it has a development hub in Vietnam, which is set to host its next expansion.
David Vélez, founder and CEO at Nu, said, “Since the beginning of Nubank, we have believed that the future of financial services globally is of digitally native companies. We have met dozens of teams across different geographies, and we think that Tyme Group is extremely well-positioned to be one of the digital bank leaders in Africa and Southeast Asia.”
“We are excited to work with Tyme to share many of our learnings of scaling this model to hundreds of millions of customers,” he further shared.
Coen Jonker, founder and CEO at Tyme Group, also remarked, “Nubank revolutionised financial services, and having them as a shareholder will help accelerate the development of our strategic capabilities, execution, and expansion plans in Southeast Asia through their investment of financial resources and counsel. This is a moment of great significance for Tyme Group.”
